CoinDesk
The Office of the Comptroller of the Currency granted OpenReserve Bank a provisional charter, putting the Salt Lake City, Utah-based blockchain company on a path to become a full-service national bank. Backed by Andreessen Horowitz, Jump Capital and Coinbase Ventures, the firm plans to serve institutional customers through treasury management, stablecoin issuance and tokenized deposits. Final OCC approval is still required.
Why it matters
OpenReserve deliberately chose a full bank charter rather than the trust-company route common among recent crypto-related OCC approvals. Its model combines regulated banking with embedded on-chain settlement, built around a bank that is always on and always available.
CEO Dee Choubey said supervision, safety and soundness, compliance and customer confidence are the foundation of the business, not constraints. OpenReserve also said its activities are designed to comply with incoming regulations under the GENIUS Act, putting stablecoin and tokenized-deposit infrastructure inside the national banking framework.
Market impact
The immediate market signal is institutional rather than a direct token catalyst. A full-service bank focused on treasury and digital-dollar infrastructure would offer a regulated route to continuous settlement, although the model cannot move to a permanent charter until final OCC approval.
The charter fits a wider shift in Washington. The Trump administration and OCC chief Jonathan Gould have welcomed digital-asset businesses into regulated banking, while the agency also approved a conditional charter for Revolut. OpenReserve submitted its application in April, making permanent approval the next milestone.
Frequently asked questions
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How does OpenReserve's charter differ from most recent crypto approvals?
OpenReserve chose a full-service national bank charter, while most recent crypto-related OCC approvals have been for trust companies.
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Which services will OpenReserve offer institutional customers?
It plans to serve institutional customers through treasury management, stablecoin issuance and tokenized deposits.
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What must happen before OpenReserve has a permanent charter?
OpenReserve still needs final approval from the OCC before its permanent national bank charter is complete.
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Which investors back OpenReserve?
Named backers include Andreessen Horowitz, Jump Capital and Coinbase Ventures.
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What wider regulatory trend does the charter reflect?
The charter comes as the Trump administration and OCC chief Jonathan Gould welcome digital-asset businesses into regulated banking. The OCC also approved a conditional charter for Revolut.
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